Strong Recovery Forecast For Coatings Market

The global coatings market declined by 2.6 per cent in value terms in 2020 compared to 2019, says Orr & Boss, a market research company. Decorative coatings were estimated to have grown nearly two per cent globally and non-decorative coatings were estimated to have declined by nearly 6.5 per cent. The firm expects 2021 to have a relatively strong recovery with the global coatings market expected to grow nearly six per cent in 2021. Decorative coatings are expected to grow by 6.5 per cent. For 2022 and 2023, Orr & Boss forecasts the global coatings market to grow by four per cent. This is due to continued strong housing markets in North America.